Sunday, December 22

Indian Government Bank will Sell 26% Equity of its Payment Services

State Bank of India (SBI) Saturday said Hitachi Payment Services (HPY) has agreed to pick up 26 percent stake in SBI Payment Services Private Limited (SPSPL), a card acceptance and digital payment platform.

The same deal announcement were also done in 2018 but somehow it didn’t happen.

After allotment of the shares, SBI shareholding in SPSPL will become 74 per cent from existing 100 per cent, the bank said in a statement.

However, it did not disclose the financial details of the deal.

The JV will provide various payment options to customers and merchants focusing on areas such as the rollout of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses.

At the end of FY18, SBI had 1.96 million merchant payment acceptance touchpoints. Hitachi Payment Services has over 55,000 ATMs, 12,000 cash recycling machines and 8,50,000 POS devices under management.